Feldman Law Center –
The loan modification process has been a major help to those facing foreclosure. People are able to get lower monthly payments, allowing them to avoid foreclosure. However, not everyone is being helped by the process, and those being left out just might surprise you.
It has been reported than many high end homes are being left out of the economic recovery. The sale of high end homes is at a standstill; in fact, real estate agents have too many high priced homes on their hands. Some of these high priced homes have lost a great deal of their value, with prices mirroring those from the early 2000’s and even the late 1990’s. That’s ten years worth of value gone almost overnight. Policy makers have helped increase sales of lower-priced homes, offering first time buyers an $8,000 tax credit. However, the market is much different for high end homes.
Why Does This Matter?
If you own a high end home, you may not be able to get the help you need to stay in that home if you are in a difficult financial situation. The government has been hard pressed not to help anyone making over a certain amount of money, and in fact increasing taxes for people making over $250,000 a year. Also, the $8,000 tax credit isn’t in effect for any individual who makes $75,000 or more. This matters a great deal, not just to people who own high end homes, but to the average person as well. If homes are not being sold, it means that anyone with a high end home really does not have a short sale as an option to them. With so many homes on the market, the buyers have all the power. You could shave 10%, 20% or even 30% off of the price of your home and it still may not matter.
With the restrictions on federal loan modifications, you may feel that your hands are tied. Truth be told, loan modification attorneys can accomplish far more than any government program can, and in a quicker amount of time. The Feldman Law Center is equipped to handle even the most complex loan modifications out there. A qualified loan modification attorney will have the background, knowledge and experience necessary to negotiate with your lender, prepare your case and get the best loan modification possible. While the federal government may not be interested in helping people with high end homes get loan modifications, California loan modification attorneys are up to the task.
You may feel that a bank or lender is not interested in a loan modification for such an expensive home. In reality, the amount of money banks have invested in your home makes you a perfect candidate for a loan modification. If own a large home, your financial challenges might also make you a good candidate for a loan modification. Contact a qualified, experienced loan modification attorney today to see if your particular situation qualifies you for a California home loan modification.
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.